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King says no Brexit impact for BB&T; M&A 'off the table'

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King says no Brexit impact for BB&T; M&A 'off the table'

Chairman, Presidentand CEO Kelly King said that "M&A is off the table" as the bankworks on fully integrating the deals it has struck in recent years.

As aresult of that internal focus, BB&T will put a higher emphasis on deployingcapital via buybacks, King added during the company's July 21 second-quarterearnings conference call. "We continue to not be interested in M&A fora while ... we've got plenty to do, and, frankly, we owe it to our shareholderto execute on what we've already done, and that's what we are doing," Kingsaid.

Thecompany completed its deal for National Penn Bancshares Inc. on April 1, and closed itsdeal for Susquehanna BancsharesInc. last year.

Kingalso told analysts and investors on the call that the Brexit vote wasessentially a nonevent for the company despite the market volatility itignited. "We think the Brexit change is serious, but it has beenover-exaggerated in terms of its impact on the world, and certainly on us ...it's just not going to have a material impact on us, and probably not going tohave a material impact on the world, once the dust settles," King said.

Evenso, King said that the company expects a difficult yield environment movingforward and that it will be "accelerating [its] focus on expensereductions."